India, South Korea explore joint projects in Bangladesh, Sri Lanka

India and South Korea are currently in early stages of discussing joint development projects in neighbouring countries such as Bangladesh and Sri Lanka.

The discussion signifies a renewed focus on bilateral relations between India and South Korea, with Seoul seen expanding its strategic interests beyond East Asia, reports Mint.

According to earlier reports by Mint, South Korean president Yoon Suk-Yeol is eyeing a visit to India to push key projects and discuss strategic technologies, the Indo-Pacific Oceans Initiative and China-related matters.

This development comes as India's aim to partner key countries such as the US, the UK, Germany and Japan to deliver projects in third countries.

On the sidelines of the G20 Summit in September, Indian Prime Minister Narendra Modi met South Korean president Yoon and discussed trade, investments, defense, semiconductors, and battery technologies as well as their bilateral Special Strategic Partnership along with global and regional issues.

Seoul has been eager to strengthen ties with India. The nation's "New Southern Policy," implemented under former president Moon Jae-in, sought to focus on ASEAN and India, says Mint.

"First, we will advance our special strategic partnership with India, a leading regional partner with shared values. India presents great potential for growth, having the world's second largest population and cutting-edge IT and space technologies," read Korea's newly released Indo-Pacific strategy. "We will increase strategic communication and cooperation through high-level exchanges in foreign affairs and defense, while strengthening the foundation for enhanced economic cooperation by upgrading the ROK-India Comprehensive Economic Partnership Agreement (CEPA)," it added.

Another highlight of this cooperation is the recently unveiled trilateral between India, the US and South Korea on strategic technologies, which was initiated as Washington and Seoul launched their Next Generation Critical and Emerging Technologies Dialogue earlier in December.

Seoul and Washington agreed to hold "National Security Council and National Security Office-led consultations with like-minded partners on critical and emerging technologies including through launching an informal trilateral technology dialogue with India in the first quarter of 2024".